PETALING JAYA: ACE Market-bound end-to-end piping solutions provider ISF Group Bhd posted revenue of RM23.99 million for the third quarter ended Sept 30, 2025 (Q3’25), with gross profit (GP) margin of RM9.98 million and a net profit of RM5.02 million.
This translated into GP and net profit margins of 41.61% and 20.93% respectively.
For 9M’25, the company recorded revenue of RM73.98 million, primarily derived from the supply and installation of piping systems for end-user premises, as well as water supply and sewer infrastructure piping.
In terms of profitability, the company recorded a GP of RM32.75 million with a GP margin of 44.27%, and a net profit of RM18.52 million, translating into net profit margin of 25.04%.
Notably, ISF’s strong performance in 9M’25 has already surpassed the full-year revenue of RM54.67 million recorded in the financial year ended Dec 31, 2024 (FY24), while net profit has nearly doubled from the RM9.64 million achieved in FY24.
Managing director Jeff Ai Boon Chen said the company reported a robust third quarter, delivering performance that reflects the growing demand for its services across key end-user segments.
“This momentum provides clear validation of the resilience of our business model and positions us well as we approach our upcoming listing on the ACE Market of Bursa Malaysia.
“Looking forward, we see ourselves as a vital partner in supporting Malaysia’s infrastructure development. The anticipated 6.1% growth for Malaysia’s construction industry in 2026 opens up avenues for us to contribute across the national landscape, from affordable housing initiatives such as Projek Residensi Rakyat, Rumah Mesra Rakyat and Program Residensi Madani under Budget 2025 and Budget 2026 to essential industrial and digital infrastructure projects,“ he said in a statement.
The expansion of industrial facilities, logistics hubs and data centres, supported by national digital infrastructure initiatives and the establishment of the National AI Office, is expected to create further opportunities.
Meanwhile, regional developments such as the Johor-Singapore Special Economic Zone are anticipated to spur industrial and commercial construction.
These factors collectively contribute to the steady demand for piping and related infrastructure.
With a solid operational and financial foundation, ISF is well-prepared to execute its expansion plans and capitalise on these promising growth opportunities ahead.
As of Dec 9, 2025, ISF’s unbilled order book stood at RM120.68 million, of which RM117.47 million relates to end-user premises piping projects, while the remaining RM3.21 million is made up by infrastructure piping projects.
This is expected to provide earnings visibility up to the financial year ending Dec 31, 2028.
ISF is scheduled to be listed on the ACE Market of Bursa Malaysia on Wednesday. Upon listing, ISF will have a market capitalisation of RM330 million based on its enlarged issued share base of one billion shares at the initial public offering price of 33 sen each.
